Beijing expects China’s gold demand growth to ease in 2016-2020

China’s apparent consumption of gold is expected to slow to an annual average of 4% over 2016-2020, from 11.5% during 2010-2015, the country’s Ministry of Industry and Information Technology (MIIT) said late Tuesday, October 18.

The demand growths of major metals will show obvious slowdowns as the country’s economy enters a new norm, the MIIT said in a latest update of its 13th five-year plan for the Chinese non-ferrous metals industry.

China’s apparent consumption of gold is expected to reach 1,200 tonnes in 2020, up from 986 tonnes in 2015.

Chinese gold output is forecasted at 520 tonnes in 2020, up from 450 tonnes in 2015. It did not provide an annual average growth rate for production.

The government will exercise moderate control over gold smelting capacity expansions in the country, the ministry said, but it did not say any specific measures that will be taken.